This was released to us by our CEO yesterday.
( I removed the name of the company)
The soaring cost of health care, which for decades has exceeded the rate of inflation, has had a profound impact on our company and our ability to offer superior products at competitive prices. The Health Care Reform Law passed earlier this year, while broadening access to health care, could further add to the company’s costs over the next several years – and in 2018, could subject Boeing to a substantial tax on health care plans exceeding a certain threshold.
Today, XXX pays about 89 percent of total health care costs for employees, far above peer companies such as Lockheed Martin, General Electric and 3M, which pay about 70 percent. The company expects to spend more than $2.4 billion on health care this year, which adds about $2 million to the cost of every airplane we build. Costs could reach $3.1 billion by 2015.
We’ve got to work together to manage these costs. The company will continue to offer excellent health-care benefits and to bear most of the financial burden. But beginning in 2011, nonunion employees will be asked to pay a greater share of their health care costs. Health-care coverage for employees represented by unions is governed by collective bargaining agreements and will be discussed as those contracts are renegotiated. Detailed information about coming changes will be available in October when letters go to the homes of XXX employees in advance of the 2011 enrollment period.
Our company, a global manufacturer, sent out a simliar letter a few weeks ago. We are getting ready for open enrollment. I have been so happy with our coverage for 10 years. Thanks Obama!
Today, XXX pays about 89 percent of total health care costs for employees, far above peer companies such as YYY, ZZZ, WWW and TTT, which pay about 70 percent. The company expects to spend more than $MMM on health care this year, which adds about $DDD to the cost of every FFF we build. Costs could reach $NNN by 2015.